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For any cryptocurrency investor, we hope you know the importance of storing your Bitcoin and other cryptocurrencies in a cold wallet and not leaving them on an exchange.
With so many wallet options out there, we understand how it can get frustrating and even stressful at times, but in this post, we’ll show you how to transfer your crypto from Coinbase to two popular cold wallets. One is a physical wallet and the other has electronic components.
A cold wallet, unlike a hot wallet, is not connected to the internet. This makes it a safer option for protecting your digital assets, especially for long-term storage. It ensures that your cryptocurrency is safe from hackers and other online threats as your private keys are stored offline.
Well, let’s figure it out and make sure your cryptocurrencies are stored securely!
Table of contents
The difference between electronic and non-electronic wallets
A physical cold wallet is the best way to store your cryptocurrencies. But there are categories of physical wallets: Non-electronic And electronic.
A physical wallet is a physical device that mimics a credit card or something else. It stores your private keys offline and gives you something tangible to “store” your cryptocurrency in.
When compared to an e-wallet, the main difference is the presence of a screen.
At first, you might not think that having a digital display on a device would make a difference when it comes to security. But in reality, these displays need to receive the information they display from somewhere, right?
This means that Programs, MalwareAnd Updates It is possible that you could be compromised and your hardware wallet could be hacked.
Not to mention that the need to charge or change the battery is also present with the electrical component.
In this post, we will show you how to transfer your cryptocurrencies from Coinbase to both.
Step-by-step guide to transfer cryptocurrencies from Coinbase to cold wallets
Before you can transfer your cryptocurrencies to a hardware wallet, you need to make sure your Coinbase account is set up and ready to transfer cryptocurrencies.
Once you’ve done this, you’ll be ready to transfer your cryptocurrencies from Coinbase to the hardware wallet of your choice.
Transfer cryptocurrencies to a physical wallet (non-electronic wallet)
For this guide, we will be using Ethereum as our chosen cryptocurrency.
Step 1:Create your physical ETHER wallet address
➡️Scan the QR code on the card for quick access. You will need this public address to make the transfer at Coinbase.
Step 2Transfer Cryptocurrencies from Coinbase Exchange to Your Material Wallet
➡️ Log in to your Coinbase account.
➡️Go to the “Send/Receive” section.
➡️Select the cryptocurrency you want to convert (Ethereum in this example).
Step 3Enter your material wallet address and complete the transfer process.
➡️Enter the general address in the “To” section.
Step 4Enter the amount and confirm.
➡️Enter the amount of cryptocurrency you want to send to your wallet.
➡️Make sure the information is correct and then click “Submit Now”.
That’s it!
Now you have to wait for a few minutes for the transaction to be completed.
Simply scan the QR code on your Material Wallet to confirm that you have received the cryptocurrency from the Coinbase exchange or you can track the transaction on blockchain.com.
Transfer cryptocurrencies to Trezor (e-wallet)
For this guide, we will be using Bitcoin as our chosen cryptocurrency.
Step 1Connect Trezor to your computer and install Trezor Suite.
➡️Connect your Trezor to your computer using the provided USB cable.
➡️Go to the official Trezor Suite website.
➡️Install the app on your phone or computer.
Step 2Prepared to receive the transfer
➡️Once you are in Trezor Suite, enter your PIN to unlock your device.
➡️Select the account (cryptocurrency you want to receive).
➡️Click on “Receive”.
Step 3:Create your Trezor wallet address
➡️Click on “Show full address”.
Step 4Confirm address
➡️Make sure the address displayed in Trezor Suite is the same as the address displayed on your device.
Step 5:Log in to Coinbase and send cryptocurrency
➡️ Log in to your Coinbase account.
➡️Go to the “Send/Receive” section.
Step 6Send the cryptocurrency you want
➡️Select the cryptocurrency you want to send to your Trezor wallet via the “Pay with” button.
➡️Enter the amount you want to send.
➡️Confirm Trezor address (from step 4, you can scan the QR code or copy and paste the address via the app).
➡️Click on “Continue”.
Other hardware wallets
There are many other hardware wallets to consider that have both electronic and non-electronic components, such as Ledger, Arculus, and Ellipal, to name a few.
All of these hardware wallets have a similar setup and transfer process to Material wallets and Trezor devices. As you can see from the example above, there may be some additional steps with e-wallets, as you need to link and confirm the addresses that are being sent from your app or website account to the device itself.
🤔This raises a separate question about protection And the integrity from Electronic wallet You are not facing a non-electronic wallet, such as Material.
Why You Should Transfer Crypto from Coinbase to a Hardware Wallet
Coinbase itself offers a software wallet called Coinbase Wallet. To protect your assets, it is essential that you transfer cryptocurrencies from Coinbase. Since both the exchange and wallet versions are connected to the internet, the chances of phishing, hacking, and other scams are much higher than if you had a non-electronic hardware wallet.
When it comes to securing your cryptocurrency, one of the most important things to consider is: Decisive steps Transfer your assets from the exchange to a hardware wallet. Here’s why:
Coinbase wallet, while very convenient, especially for day traders who use it daily, is not the ideal place to store cryptocurrencies. Especially for long-term investors, it is The last place you want to keep your digital assets.
With a hardware wallet, you can have complete control over your private keys and have the peace of mind of knowing that the possibility of hacking is limited.
Which cold wallet is best for you?
Depending on your investment strategy and preferences, the type of portfolio you need may vary.
If you’re investing for the first time, you want to choose a wallet that’s secure, easy to use, and straightforward. In this regard, Material Wallets are a great choice as a non-crypto wallet because they’re incredibly easy to use!
It requires no software updates or USB connection to a computer, and it has no batteries to change or charge. It’s offline and keeps your private keys private!
For the tech-savvy user who enjoys the digital functionality of e-wallets, Trezor, Ledger, SafePal, or SecuX are good options.
Keep in mind that you will need to download the app or browser application on a separate device to connect to the wallet and only then will you be able to transfer your cryptocurrencies from Coinbase.
Transfer your cryptocurrencies with confidence
Feeling confident transferring your assets from Coinbase to a hardware wallet is important for any user.
Whether you choose a hardware or non-hardware wallet, we hope this guide helps you and ensures that you can safely store your cryptocurrencies offline.
